Elliott Pumps Up Stake In $8.2B Takeover Target Celesio

Law360, New York (November 14, 2013, 11:26 AM EST) -- Celesio AG, the German drug distributor fielding a €6.1 billion ($8.24 billion) takeover offer from McKesson Corp., said Thursday that activist hedge fund Elliott Management Corp. boosted its stake in the company to 21 percent, firing up speculation it would push for a higher offer.

The German firm said in a brief securities filing that Elliott now holds 15.69 percent of its shares, up from the 10.06 percent stake it revealed last week, plus another 5.44 percent through a pair of convertible bonds. The New York...
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